Miners, mixed earnings drag down European stocks
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)
Oct 27 (Reuters) - European stocks slipped on Wednesday, with miners in the lead after concerns about Chinese intervention hit metal prices, while mixed corporate earnings reports kept investors on edge.
The pan-European STOXX 600 .STOXX fell 0.2% but held just below its record high hit in August. Asian tech stocks slid on the back of a spike in short-term U.S. Treasury yields and new regulatory concerns in China.
European miners .SXPP fell the most with a 1.4% drop, as Chinese steel futures declined with raw material prices plunging amid government intervention to cool commodity prices.
Deutsche Bank DBKGn.DE slid 2.9% despite posting a better-than-expected quarterly profit, while Swedish-listed online gambling operator Kindred Group KINDsdb.ST slumped 12.7% to the bottom of STOXX 600 after quarterly results.
Meanwhile, electrical equipment maker Schneider Electric SCHN.PA jumped 3.1% after it reported a better-than-expected quarterly revenue growth.
Swiss software specialist Temenos TEMN.S surged 14.1% after a report that buyout firm EQT AB EQTAB.ST was in the early stages of considering a bid for the firm.
Reporting by Anisha Sircar in Bengaluru; Editing by Subhranshu Sahu
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.